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UBS boss Ermotti is to become Swiss Re president

Sergio Ermotti is to become Chairman of the Board of Directors of the reinsurer Swiss Re. The world’s second largest reinsurer is proposing to Ermotti at the Annual General Meeting on April 17, 2020 for election to the Supervisory Board, Swiss Re announced on Tuesday. In 2021, the Swiss should then be nominated to succeed Walter Kielholz as Chairman of the Board of Directors.

Ermotti will be leaving UBS at the end of October. At the beginning of November, Ralph Hamers, CEO of ING, the Dutch money house, took over the steering wheel. Ermotti, who has headed UBS since 2011, has not yet commented on his other career plans. The media had speculated that he could replace UBS President Axel Weber, who claims to stay in office until 2022.

Kielholz has been Chairman of the Board of Directors of Swiss Re since 2009 and a member of the Supervisory Board since 1998. He is to be re-elected at the General Assembly next month and then hold the office for another year.

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